This is an 11:00 a.m. intraday update of Turov on Timing for Friday, February 22, 2008.
The SPX managed to stay in positive territory for about the first 20 minutes of the trading session, but since then has trended consistently lower. TOT daily traders are currently flat.
On the regular hotline, I said, “Today should see a partial reversal of yesterday’s decline, but the risk remains high.” That still has a good shot at being accurate, but the “risk remains high” part of that comment encourages me to suggest standing aside for the balance of the session. Yet don’t be surprised if this market turns around today and closes higher.
Enjoy the weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session.
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